Adedapo Adesanya
By Adedapo Adesanya
The value of a Naira to one United States Dollar at the black market segment of the foreign exchange (forex) market in Nigeria depreciated by 100 kobo or N1 on Friday.
Business Post reports that at the parallel market yesterday, the Nigerian Naira was exchanged at N362 per Dollar, different from the N361 to a Dollar it was traded at the previous session on the eve of Christmas.
However, the value of the local currency against the two other major foreign currencies at the same market window remained unchanged at the close of transactions.
The Naira was exchanged at N477 against the British Pound Sterling at the black market, while the domestic currency was traded at N398 to one Euro at the same window during the session.
Meanwhile, the Nigerian Naira closed flat against the American currency at the official window of the Central Bank of Nigeria (CBN) also known as the interbank segment, exchanging at N307/$1 on Friday.
At the Investors and Exporters (I&E) segment of the forex market, Business Post gathered from FMDQ OTC Securities Exchange that the Naira depreciated by 37 Kobo or 0.10 percent.
At the close of transactions on Friday at the I&E market, the local currency was exchanged at N364.57 to a Dollar in contrast to N364.20 to a single Dollar it traded at the previous session.
It was gathered that during the session, the market turnover moderated by 77.5 percent or $1.1 billion, with transactions worth $318.53 million recorded compared with the $1.4 billion posted at the previous session.
As the market heads to a new year, the Nigerian currency is expected to continue to suffer decline at the various segments due to pressure as a result of demand for foreign currencies by customers, who need them to complete their transactions during the festive season.
However, the CBN has assured that it was capable of making FX available to meet the expected huge demand, saying it would sustain liquidity by its various injections into the market.
